December 11, 2017

EBA published the final draft regulatory technical standards on Central Contact Points under the revised Payment Services Directive (PSD2). The regulatory standards specify the criteria for determining when the appointment of a central contact point in a host member state is appropriate and the functions that these contact points should fulfill. The regulatory technical standards will enter into force on the twentieth day following their publication in the Official Journal of the European Union.

The regulatory technical standards apply where the host member state has decided to use the option (under PSD2) to require payment institutions (PIs) and electronic money institutions (EMIs) operating in its territory, through agents under the right of establishment, to appoint a central contact point in its territory. Following the feedback received during the consultation phase, EBA decided to retain the proposed criteria for determining when the appointment of a central contact point is appropriate. These criteria relate to the number of agents operating in the host member state under the right of establishment and the value and volume of transactions carried out through agents in the host member state. However, EBA made one change to the draft regulatory technical standards to clarify that PIs and EMIs that meet any of the criteria set out in the regulatory technical standards should notify the competent authority of the host member state accordingly. EBA considered this notification to be necessary to enable the competent authority of the host member state to exercise its supervisory responsibilities effectively. 

The draft regulatory technical standards will be submitted to the EC for endorsement, following which they will be subject to scrutiny by the European Parliament and the Council, before being published in the Official Journal of the European Union. These standards are in support of the objective of PSD2 to facilitate the supervision, by competent authorities, of the networks of agents used by PIs and EMIs for providing cross-border payment services under the right of establishment. 

 

Related Links

 

Keywords: Europe, EU, Banking, PMI, PSD2, Regulatory Technical Standards, Central Contact Point, EBA

Related Articles
News

APRA Updates Guidance on Managing Information Security Risks

APRA released an updated Prudential Practice Guide CPG 234 on managing information security risks, including cyber-crime.

June 25, 2019 WebPage Regulatory News
News

FSB Chair Reports to G20 on Implementation of Financial Reforms

FSB published the letter to G20 Leaders and the opening statement from an FSB briefing by the FSB Chair Randal K. Quarles.

June 25, 2019 WebPage Regulatory News
News

FSB Summarizes Progress in Implementation of G20 Regulatory Reforms

FSB published a summary progress report on implementation of the G20 financial regulatory reforms.

June 25, 2019 WebPage Regulatory News
News

EBA Issues 2020 Stress Test Methodology and Templates for Discussion

EBA published the 2020 EU-wide stress test draft methodology, templates, and template guidance, for discussion with the industry.

June 25, 2019 WebPage Regulatory News
News

SRB Updates MREL Policy to Reflect Changes in CRR 2

SRB updated its policy on minimum requirement for own funds and eligible liabilities (MREL) as a result of the revisions in the recent Banking Package.

June 25, 2019 WebPage Regulatory News
News

OSFI Updates Manual of Reporting Forms and Instructions for Insurers

OSFI issued its annual update for 2019 to the manual of financial reporting forms and instructions for property and casualty (P&C) insurance companies.

June 25, 2019 WebPage Regulatory News
News

PRA Consults on PRA110 Reporting Frequency Threshold

PRA proposed (CP14/19) to amend the reporting frequency of PRA110 reporting template (PRA110) when a firm is in stress.

June 25, 2019 WebPage Regulatory News
News

IMF Releases Report on 2019 Article IV Consultation with United States

IMF published its staff report in the context of the 2019 Article IV consultation with the United States.

June 24, 2019 WebPage Regulatory News
News

FCA and US Agencies on Addressing Issues in Credit Derivatives Market

U.S. SEC Chairman Jay Clayton, U.S. CFTC Chairman J. Christopher Giancarlo, and UK FCA Chief Executive Andrew Bailey issued a joint statement announcing plans to address concerns regarding opportunistic strategies in the credit derivatives markets.

June 24, 2019 WebPage Regulatory News
News

BIS Report Discusses Regulatory Issues Related to Big Techs in Finance

BIS has pre-released a chapter of the BIS Annual Economic Report; this chapter focuses on the risks and opportunities presented by large technology firms in the financial services sector.

June 23, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3315